Ocean Partners advised the Receivers of Transform Minerals on the sucessful divestment of the business to Victory Lime 2000 Limited, a subsidiary of Dunedin based resource company Palmer MR Limited.
Ocean Partners was lead advisor to the Receiver of Transform Minerals Limited on the sale of the business and mineral rights to Victory Lime 2000 Limited, a subsidiary company within the Dunedin based resource owning and mining group, Palmer MR Limitred.
Transform Minerals Limited was placed in Receivership in 2014.
The Transform Minerals business was started by Canterbury Bentonite Limited who commenced mining and processing bentonite from the Harper Hills region, near Coalgate in 1967. The operation was later owned and operated by Omya New Zealand Limited (“Omya”) before being acquired by Transform Minerals in May 2006.
Transform Minerals had been granted resource consents which enabled it to mine and process 40,800 dry tonnes of bentonite per annum.
The Palmer Resource Group is a family owned business, which incorporates a number of other south island mining and quarrying operations.
The value of this transaction was undisclosed.